Buying a Lehigh Valley Foreclosure Property

As a Lehigh Valley Home Buyer are you considering purchasing a Foreclosure Property?

The Foreclosure properties available throughout the Lehigh Valley go from Diamonds in the Rough to needing a major overhaul. Some houses need very little work (maybe paint and carpeting) while others may need major repairs including missing plumbing, holes in the walls, all lights removed...etc.

Foreclosure homes are sold as-is and a home buyer must acknowledge in writing that they have been made aware of this. A property inspection can be performed to determine what is wrong with the house but the bank will not do any repairs (there are some exceptions).

Depending on what financing is being used (FHA, Conventional, Rehab Loan), a needed repair may become a major problem. It may become a Mortgage Condition and the mortgage won't be approved until the problem is corrected. You, the home buyer, may have to do the repairs before the purchase can take place.

This is a risk. If you do the repair are you definitely getting the house?

A hidden problem with any Foreclosure Property in the Lehigh Valley is whether or not the house went through a "freeze". Just because the house has been winterized (pipes emptied, water turned off) doesn't mean it was done before the water pipes might have frozen. Some of the banks require the home buyer to pay for the de-winterization and then to have it winterized again. Add in the cost of the inspection and it could start getting costly for a home you may not even end up buying.

Purchasing a Foreclosure Property may end up being a good deal or possibly more headaches then you wish to deal with. Know your financing options.

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